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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.5x - 16.0x | 15.2x |
| Selected Fwd EBITDA Multiple | 16.2x - 17.9x | 17.1x |
| Fair Value | €38.35 - €42.29 | €40.32 |
| Upside | -0.6% - 9.6% | 4.5% |
| Benchmarks | Ticker | Full Ticker |
| Coca-Cola Consolidated, Inc. | COKE | NasdaqGS:COKE |
| Keurig Dr Pepper Inc. | KDP | NasdaqGS:KDP |
| The Coca-Cola Company | KO | NYSE:KO |
| PepsiCo, Inc. | PEP | NasdaqGS:PEP |
| Constellation Brands, Inc. | STZ | NYSE:STZ |
| National Beverage Corp. | 20V | DB:20V |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| COKE | KDP | KO | PEP | STZ | 20V | ||
| NasdaqGS:COKE | NasdaqGS:KDP | NYSE:KO | NasdaqGS:PEP | NYSE:STZ | DB:20V | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 26.3% | 6.5% | 5.1% | 6.0% | 5.4% | 4.1% | |
| 3Y CAGR | 21.9% | 3.4% | 6.1% | 6.3% | 5.3% | -1.0% | |
| Latest Twelve Months | 7.0% | 1.4% | 5.5% | 2.7% | 9.4% | 7.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.8% | 27.9% | 32.9% | 18.4% | 37.2% | 20.1% | |
| Prior Fiscal Year | 15.1% | 26.6% | 31.4% | 18.4% | 36.3% | 17.6% | |
| Latest Fiscal Year | 16.1% | 26.9% | 32.7% | 18.9% | 38.8% | 20.0% | |
| Latest Twelve Months | 15.8% | 26.9% | 32.8% | 18.9% | 38.8% | 21.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.56x | 4.05x | 6.90x | 2.37x | 4.54x | 3.38x | |
| EV / LTM EBITDA | 9.9x | 15.1x | 21.0x | 12.5x | 11.7x | 15.9x | |
| EV / LTM EBIT | 12.1x | 18.3x | 22.6x | 15.2x | 13.2x | 17.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.9x | 12.5x | 21.0x | ||||
| Historical EV / LTM EBITDA | 12.4x | 17.9x | 22.4x | ||||
| Selected EV / LTM EBITDA | 14.5x | 15.2x | 16.0x | ||||
| (x) LTM EBITDA | 251 | 251 | 251 | ||||
| (=) Implied Enterprise Value | 3,634 | 3,825 | 4,016 | ||||
| (-) Non-shareholder Claims * | 99 | 99 | 99 | ||||
| (=) Equity Value | 3,733 | 3,924 | 4,115 | ||||
| (/) Shares Outstanding | 93.6 | 93.6 | 93.6 | ||||
| Implied Value Range | 39.87 | 41.91 | 43.96 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 35.43 | 37.24 | 39.06 | 38.60 | |||
| Upside / (Downside) | -8.2% | -3.5% | 1.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | COKE | KDP | KO | PEP | STZ | 20V | |
| Enterprise Value | 10,379 | 61,984 | 320,789 | 215,794 | 46,129 | 3,968 | |
| (+) Cash & Short Term Investments | 1,492 | 653 | 13,787 | 8,582 | 68 | 149 | |
| (+) Investments & Other | 78 | 1,599 | 20,484 | 3,126 | 0 | 0 | |
| (-) Debt | (1,902) | (18,682) | (49,971) | (48,518) | (12,114) | (55) | |
| (-) Other Liabilities | 0 | 0 | (1,552) | (140) | (253) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 5 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,047 | 45,554 | 303,537 | 178,844 | 33,831 | 4,067 | |
| (/) Shares Outstanding | 8.7 | 1,358.2 | 4,304.3 | 1,371.1 | 178.0 | 93.6 | |
| Implied Stock Price | 1,152.50 | 33.54 | 70.52 | 130.44 | 190.07 | 43.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 1,152.50 | 33.54 | 70.52 | 130.44 | 190.07 | 38.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |